Strong positions in coal, bulk, and intermodal rail-haulage services in Australia Moderate-to-high barriers to entry and long-term take-or-pay contracts in coal haulage preserve its market positions Exposure to volume cycles of some noncoal commodities Ample headroom in the financial metrics over the next two to three years Moderate, largely debt-funded, capital-expenditure program to increase debt burden over the next two to three years Positive free operating cash flow provides financial flexibility Strong liquidity position The stable outlook reflects our expectation that Pacific National Holdings Pty Ltd.'s strong competitive position in the Australian rail industry and planned transformation initiatives will enable the company to generate reasonably stable credit metrics. In addition, the outlook reflects our expectation that Pacific National's free operating
